Barratt has snapped up a Cheshire-based land promoter Gladman Developments
Barratt Developments has snapped up a Cheshire-based land promoter in its first major acquisition in nearly three years.
Land promoters specialise in persuading landowners to allow them to obtain planning permission on plots in return for a share of the profit once it is sold.
And the blue-chip housebuilder will pay £250million in cash for Cheshire-based Gladman Developments, which will be run as a stand-alone business by its existing team, including chairman and founder David Gladman who set up the group in 1987.
The acquisition will allow Barratt to use Gladman to source land and promote its construction efforts.
Gladman’s existing portfolio of 406 potential sites is expected to add 500 more house completions per year to Barratt’s business, which is aiming to build 20,000 homes annually.
The news sent Barratt’s shares up 1 per cent.
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